Miscellaneous Annual Business Tax Filing

Business Property Tax

What is a business property tax? Any tangible property that is owned, claimed or possessed in the conduct of a profession, trade, or business may be subject to property taxes. Generally speaking, any property that is owned or leased by a business

In general, taxable business property is all property owned or leased by a business, with the exception of real property (land, buildings) and business inventory.
Business Inventory (items held for sale)

Taxable business property items may include:

Machinery

Equipment

Furniture

Fax Machines

Photocopiers

Computers

Telephones

Desks & Chairs

Bookcases

Supplies

If items such as these exceed the cost of $100,000, the business must file the business property tax. Don’t forget that a different form is required per business locations.

Our team will assist you with determining what constitutes a business property item and ensure that you’re in compliance. We take care of all the filing for you.

Business License (for City)

State and local governments have wide-ranging regulations for businesses. For a small business start-up, there are a number of local issues to consider. Almost all businesses will need a license from the local government (city or county) to lawfully operate within their jurisdictions. These local licenses are typically very easy to obtain and require paying a fee.

Statement of Information Filing (for State)

Most states have a filing requirement to the Secretary of State. In general, these are called Statement of Information Filing, although in some states they are known as “Secretary of State” annual or bi-annual filings.

Statements of Information for LLCs can be filed online. There is a fee, which can be made payable to the Secretary of State. A certified copy is obtainable as well.

Corporations usually file with the Secretary of State every year, and Limited Liability Companies (LLC) and certain other organizations every two years. Newly formed or registered companies must file their first Statement of Information within 90 days of forming or first registering their company with the state.

What is in this statement?
The Statement of Information contains information regarding the registered agent for the company, the principal officers and directors, along with other details of the organization. You must always use a Statement of Information to change your registered agent.

Our tax professionals at SoCo can help you file your Statement of Information so that this is a seamless and simple process for you.